Elastic Line of Credit
in Personal Lines of Credit from Elevate CreditClaimed
Elastic Line of CreditClaimed
in Personal Lines of Credit from Elevate Credit
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Elastic Line of Credit Review
Elastic Line of Credit is offered by Elevate Credit, a direct lender founded in 2014 and based in Ft. Worth, TX. It is made possible by a bank partnership with Republic Bank & Trust Company. Elastic Line of Credit is available in 39 states (and Washington, DC).
What APRs does Elastic Line of Credit offer?
Elastic Line of Credit offers a fee-based product that ranges from 137% APR.Unlike most credit lines, which typically charge a simple daily interest rate, Elastic Line of Credit does not have a periodic interest rate. Instead, Elastic Line of Credit charges a fee when you take a cash advance, plus a fee each payment period based on your ending principal balance (inclusive of the cash advance fees). Depending on the amount borrowed and how long you take to repay, the estimated APR ranges from 137% APR.
Does Elastic Line of Credit charge an origination fee?
No, Elastic Line of Credit does not charge an origination fee.
An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Elastic Line of Credit charge a cash advance fee?Yes, Elastic Line of Credit may charge a fee of 5% to 10% of the amount of each cash advance.
Does Elastic Line of Credit charge a late fee?No, Elastic Line of Credit will not charge you a late fee.
How much can you borrow via Elastic Line of Credit?
Upon approval and based on your credit worthiness, your Elastic Line of Credit personal line of credit will be assigned a credit line of at least $500 and as much as $4,500. .
|Cash Advance Fee||5% - 10%|
|Late Payment Fee||N/A|
What do you need to qualify for Elastic Line of Credit?Elastic Line of Credit does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
Elastic Line of Credit does not have or does not disclose a minimum annual income eligibility requirement. Elastic Line of Credit only considers borrowers who are employed.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Elastic Line of Credit product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Elastic Line of Credit. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid checking account
- Proof of identity
- Proof of citizenship or residence permit
- Proof of residence
What is the estimated funding time for a personal line of credit via Elastic Line of Credit?
Elastic Line of Credit will typically provide a credit approval decision in less than an hour and fund the line of credit within 1 business day.
Does Elastic Line of Credit report your account activity to credit bureaus?
Elastic Line of Credit reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.
How to apply for Elastic Line of Credit
- Visit the Elevate Credit website.
- Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
- Check the information is accurate and submit your application.
- Washington, DC
- New Mexico
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Origination Fee|
|No Prepayment Fee|
|Cash Advance Fee (%)||5% - 10%|
|No Late Fees|
|Outstanding Balance Fee||$5 - $175|
|Checking Account Required|
|Employment Statuses Considered||
|Immigration Status Considered||
|Joint Loan Applications Accepted||Individual Applications|
|Supported Income Types||
|Verification Documents Required||
|Approval Speed||0 hours|
|Credit Bureau Reporting||Clarity Services|
|Customizable Payment Dates|
|Funding Time Range||1 day|
|APR (Fee-Based Product)||Starting at 137%|
|Loan Amount||$500 - $4,500|